Zheng Quan Zhi Xing·2025-06-27 16:25Core Viewpoint - The company experienced a significant decrease in revenue for the year 2024, primarily due to reduced sales to its largest client, Agricultural Bank of China, which accounted for a 75.96% decline in revenue from the previous year. This decline was attributed to the bank's requirements for domestic product adaptation and testing, leading to a delay in order placements and revenue recognition [1][3][12]. Revenue Performance - The company reported a total revenue of 11,723.94 million yuan for 2024, a decrease of 55.30% compared to 2023's 26,228.58 million yuan. The fourth quarter revenue was 5,657.51 million yuan, representing 48.26% of the annual total, a significant increase from 14.37% in 2023 [3][11]. - Revenue from Agricultural Bank of China was 6,513.99 million yuan in 2024, down from 21,671.04 million yuan in 2023, marking a 75.96% decrease. Other clients contributed 4,988.21 million yuan, showing a slight increase of 9.45% [3][11]. Client Revenue Breakdown - The revenue from Agricultural Bank was concentrated in the fourth quarter, with 2,703.16 million yuan recognized, while other clients contributed 2,954.35 million yuan in the same period. The revenue recognition for Agricultural Bank was affected by the timing of order placements and internal approval processes [3][5][11]. - The company has diversified its client base, with significant contributions from new subsidiary Guokeyi Dao, which generated 1,525.78 million yuan in revenue from military and specialized fields [12]. Seasonal Revenue Characteristics - The company noted seasonal revenue fluctuations, particularly influenced by the order patterns of Agricultural Bank and other clients. The first quarter typically sees lower order volumes, while the fourth quarter experiences a surge due to year-end procurement activities [3][11]. - The average implementation time for orders from Agricultural Bank was reported at 30.87 days, indicating a structured process for order fulfillment and revenue recognition [8]. Acquisition of Guokeyi Dao - The company acquired a 54.68% stake in Shenzhen Guokeyi Dao Technology Co., Ltd., which specializes in providing domestic chip-based terminal computing devices for the military sector. This acquisition is expected to enhance the company's product offerings and revenue streams [12].